* Trump to speak at 9:00 p.m. ET
* 4th qtr GDP rises less than expected
* Target drops on sales warning; rival Wal-Mart dips
* Futures: Dow down 3 pts, S&P down 2 pts, Nasdaq up 0.5 pts
(Adds details, comments, updates prices)
By Yashaswini Swamynathan
Feb 28 U.S. stocks looked set to open flat on
Tuesday, as investors preferred to wait and watch President
Donald Trump's first speech to a joint session of Congress for
clues on how he planned to implement his policies.
Trump's promises of tax reform, infrastructure spending and
simpler regulations have sparked a post-election rally that has
propelled the main U.S. market indexes to record highs.
The address at 9:00 p.m. ET (0200 GMT) could touch on tax
reforms, defense spending and his plans to overhaul the U.S.
Indicating investors' focus on Trump's speech, reaction to
data that showed U.S. economic growth slowed in the fourth
quarter was largely muted.
"If he gives minimal detail this evening, then perhaps we
might get a little bit wind out of the sails on this recent
equity move," said Erik Wytenus, global investment specialist at
J.P. Morgan Private Bank.
Trump's comments on "big" infrastructure spending on Monday
helped the Dow Jones Industrial Average mark its 12
straight record close, a feat not seen since 1987.
Dow e-minis were down 3 points, or 0.01 percent at
8:35 a.m. ET, with 18,871 contracts changing hands.
S&P 500 e-minis were down 2 points, or 0.08 percent,
with 122,836 contracts traded.
Nasdaq 100 e-minis were up 0.5 points, or 0.01
percent, on volume of 17,919 contracts.
Investors will also watch a host of Federal Reserve
officials, including Philadelphia Fed President and policy
voting member Patrick Harker, speak during the day for clues on
the possibility of a March interest rate hike.
Among stocks, Target plunged 13.5 percent to $57.86
in premarket trading after the big-box retailer warned sales
could continue to decline this year. Bigger rival Wal-Mart
was off 0.8 percent
Perrigo dropped 11.2 percent to $75.16 after the
drugmaker said it would delay filing its annual report and would
review past accounting practices, specifically its historical
revenue recognition of sales of its multiple sclerosis drug
Oil and gas producer Range Resources was down 16.4
percent at $32.27 as Raymond James cut the company's price
(Reporting by Yashaswini Swamynathan in Bengaluru; Editing by